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Updated about 8 years ago,
Normal mortage vs buy to let mortage U.K ???
Hi all im from the u.k and im looking to start my first property opportunity.
Im wanting to do the BRRR method
Buying in the property , doing the rehab work and renting it out
im a little confused on what to do when it comes to mortages here in the u.k
Typically you would get a Buy To Let mortage which requires a 25% Deposit and intrest rates are slightly higher than a normal private mortage. legit but exspensive way to do it (this was the way i was going to do it untill i heard otherwise)
I have also heard from alot of different people that i can get a normal residential mortage paying just a 10% Deposit and then do the rehab to the property and if i wish to rent it out and i do. All i have to do is notify the mortage lender and they charge a little extra per month.
I dont know how much experience anyone has on here about the U.K Letting side of things but this is an absolute mindfield .
Any Help would be appreciated . Thanks All